THE BANGKO SENTRAL ng Pilipinas (BSP) will collaborate with a German government banknotes printer to improve currency production and share knowledge on payments management.
The central bank signed a memorandum of understanding (MoU) with Bundesdruckerei GmbH on Oct. 10, it said in a statement on Thursday.
“Under the MoU, BSP and Bundesdruckerei GmbH will collaborate on currency management and production; securities management and production; digital payments infrastructure; and research and development on digital payments and banknote substrate,” the BSP said.
BSP Governor Eli M. Remolona, Jr. said there is still a need for banknotes even as more people shift to the use of electronic payments.
“The BSP is proud to partner with Bundesdruckerei, a leader in providing modern currencies to the world, at a time when banknotes should be more secure, more durable, and even more sustainable,” he added.
The memorandum also covers technology exchange, staff exchange and training, information-sharing on legal aspects relevant to payments and currency management, and other areas to provide support, assistance, sharing of best practices and expertise, and capacity-building or technical assistance to each other, the central bank added.
“Effective for five years, the MoU highlighted the importance of cooperation in payments and currency management to enhance and strengthen the roles of government entities in the post-pandemic economic recovery and sustain the growth of both economies.” — L.M.J.C. Jocson
